New Tax Scams and Identity Theft Warnings – Did You Know?

The IRS recently posted warnings about new and ongoing tax scams, along with other fraudulent activity related to the COVID-19 (coronavirus) pandemic. The most prevalent and dangerous scams involve identity theft, deceptive advertising, and […]

RMD Repayment or Rollover Deadline – Did You Know?

The deadline to return or rollover a Required Minimum Distribution (RMD) for IRA owners, beneficiaries or workplace retirement plan participants is coming up on Monday, August 31. The CARES Act allows most taxpayers with […]

Charitable Cash Contribution Limits for 2020 – Did You Know?

As part of the U.S. Treasury’s ongoing COVID-19 (coronavirus) relief programs for taxpayers, the IRS has made temporary changes to the rules for deducting charitable contributions on federal tax returns. Normally, taxpayers who itemize […]

PPP Loan Forgiveness Process Update

If you received a PPP loan and are thinking about beginning the process of requesting forgiveness on the loan you may want to consider waiting a few weeks until the actual process gets a […]

Tax Provisions Extended Through 2014

In late 2013 we reported that a number of tax credits and deductions would expire at the end of 2013 without action from Congress. Over a year later, Congress passed legislation that would extend […]

Update: The HEROES Act, the HEAL Act, and PPP Forgiveness

The wheels of Congress keep churning through possible scenarios to help small businesses. The HEROES Act and the HEAL Act are both under consideration and among other things, they may extend the provisions of […]

2020 IRA Required Minimum Distributions Waived – Did You Know?

The CARES Act that was signed into law on March 27, 2020 includes an important provision for taxpayers with various retirement accounts, including 401(k), 403(b), 457(b), traditional Individual Retirement Accounts (IRAs), and designated Roth […]

Tax Rules for Tuition Refunds and Section 529 Plans – Did You Know?

Many families and students may have received partial or complete refunds of school tuition and fees during the spring of 2020 as a result of the COVID-19 (coronavirus) pandemic. If you paid for these […]

Discarded or Lost COVID-19 Stimulus Prepaid Debit Cards – Did You Know?

In addition to direct deposits and paper checks, the IRS is sending some Coronavirus Economic Impact Payments (EIPs, also called stimulus payments) to eligible Americans by prepaid debit card. Because these debit cards are […]

Key Facts About IRS Economic Impact Payments (EIPs) – Did You Know?

Although the IRS has sent out over 100 million Economic Impact Payments (also called stimulus payments), some Americans are still waiting to receive their payments. Even if you have gotten your Economic Impact Payment […]